something is not right here

What on earth are they up to ????

1 - They initiate a share buy back - when they can not afford to and do not.
http://www.stocknessmonster.com/news-item?S=PAN&E=ASX&N=594334

2 - They report a healthy 79 million in cash and recievables, when in actual fact there is half the amount.
http://www.stocknessmonster.com/news-item?S=PAN&E=ASX&N=601727

3 - They come up with this lame excuse of why the share price is falling.
http://www.stocknessmonster.com/news-item?S=PAN&E=ASX&N=602749

4 - They go on a spending spree, on non earning assets or liabilities ( depends which way you look at it)

...........................................................

Unlike Mincor, Independence group and Western Areas

Panaroma directors hold a very low holding of shares. ( with out going back over the financals, I'm guessing most were part of their salary )